SOLUTION: How much a 15-year old boy deposit in a bank now that pays 10 1/2% compounded quarterly so that after 10 years he will have 400,000?

SOLUTION: How much a 15-year old boy deposit in a bank now that pays 10 1/2% compounded quarterly so that after 10 years he will have 400,000?

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Question 967647: How much a 15-year old boy deposit in a bank now that pays 10 1/2% compounded quarterly so that after 10 years he will have 400,000?
Answer by rfer(16322) (Show Source): You can put this solution on YOUR website!
400000=P(1.02625)^(4*10)
400000/2.8192=P
P=141,884.22
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